📌 Chapter Snapshot
18
Institutions / Groupings Covered
1944
Bretton Woods Year
1995
WTO Formed (from GATT)
6
Thematic Categories
- This chapter covers major International Financial & Economic Institutions frequently tested in BPSC/BSSC — establishment year, headquarters, membership numbers and objectives.
- Grouped thematically: Bretton Woods Twins (IMF, World Bank), Trade Bodies (WTO, GATT, NAFTA, APEC), Development Banks (ADB, AIIB, NDB), Regional Groupings (ASEAN, SAARC, BIMSTEC), Global Forums (WEF, BRICS, G-20, G-7, EU), and Other Bodies (OPEC, UNCTAD).
- Special focus on tricky numbers — member counts, exact establishment dates, and recent changes (new members, exits) which are high-yield for Prelims.
⚡ QUICK RECALL
IMF and IBRD were founded at Bretton Woods in 1944; their Articles entered into force on 27 December 1945.
🏦 International Monetary Fund (IMF)
Established1944
HeadquartersWashington D.C.
Member Countries191 (191st: Liechtenstein)
India joined27th December, 1945
Objectives
- To promote international monetary cooperation.
- Correction of adverse balance of payments of member countries.
- Provides short-term loan assistance to member countries.
Special Drawing Rights (SDR) — "Paper Gold"
- SDR value is based on a basket of five currencies:
- US Dollar
- Euro
- Japanese Yen
- Pound Sterling
- Chinese Renminbi (Yuan)
⚠ EXAM TRAP
SDR is nicknamed "Paper Gold" — don't confuse it with actual currency; it is an international reserve asset, not a physical currency.
🏦 World Bank (WB)
Established1944
HeadquartersWashington D.C.
Members189
ObjectiveDevelopment/poverty reduction through finance, policy advice and technical assistance; World Bank lending arms are IBRD and IDA
Five Institutions of World Bank Group
| # | Institution |
|---|---|
| 1 | International Bank for Reconstruction and Development (IBRD) |
| 2 | International Development Association (IDA) |
| 3 | International Finance Corporation (IFC) |
| 4 | Multilateral Investment Guarantee Agency (MIGA) |
| 5 | International Centre for Settlement of Investment Disputes (ICSID) |
⚡ QUICK RECALL
Mnemonic for World Bank Group's 5 institutions: "I Ate Ice-cream For Money" → IBRD, IDA, IFC, MIGA, ICSID.
🌐 World Trade Organisation (WTO)
Established1st January, 1995 (replacing GATT)
HeadquartersGeneva
Member Countries166 (166th: Timor-Leste)
ObjectiveRegulation & promotion of international trade
⚠ EXAM TRAP
GATT (General Agreement on Tariffs and Trade) was established 1st January 1948 — WTO replaced it decades later on 1st January 1995. Don't mix up the two dates.
🚚 NAFTA (North American Free Trade Agreement)
Signed1992
Entered into force1 January 1994; replaced by USMCA on 1 July 2020
MembersUSA, Canada, Mexico
🌏 APEC (Asia-Pacific Economic Cooperation)
Established1989
Members21
HeadquartersSingapore
🏗 Asian Development Bank (ADB)
Established19th December, 1966
HeadquartersManila (Philippines)
Member Countries69 (India is a founding country)
ObjectiveProsperous, inclusive, resilient & sustainable Asia-Pacific
🏗 Asian Infrastructure Investment Bank (AIIB)
Established2015
Operations began2016
HeadquartersBeijing
Members111 approved members (as of 2026)
🏗 New Development Bank (NDB) / BRICS Bank
EstablishedAgreement July 2014; legal entity July 2015
HeadquartersShanghai (China)
ObjectiveMobilise resources for infra & sustainable development in emerging countries
⚡ QUICK RECALL
ADB (1966) → oldest regional dev. bank here | NDB (2014) → BRICS-founded | AIIB (2015) → China-led, HQ Beijing.
🌏 ASEAN
Full Form: Association of Southeast Asian Nations
Established8 August 1967 (Bangkok Declaration)
HeadquartersJakarta (Indonesia)
Members11 (as of 2026)
- Indonesia, Philippines, Malaysia, Singapore, Thailand, Cambodia, Vietnam, Myanmar, Brunei, Laos and Timor-Leste.
🌏 SAARC
Full Form: South Asian Association for Regional Cooperation
Established8th December, 1985
HeadquartersKathmandu (Nepal)
Members8
- India, Pakistan, Bangladesh, Nepal, Bhutan, Sri Lanka, Maldives and Afghanistan.
⚠ EXAM TRAP
ASEAN: 8 August 1967, Bangkok Declaration. SAARC: 8 December 1985. ASEAN has 11 members as of 2026, including Timor-Leste (joined 26 October 2025).
🌏 BIMSTEC
Full Form: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
Established1997
Members7
- Bangladesh, India, Sri Lanka, Thailand, Nepal, Myanmar and Bhutan.
🌍 World Economic Forum (WEF)
EstablishedJanuary 1971 (by Klaus Schwab)
HeadquartersGeneva
Annual MeetingDavos (January)
ObjectiveShape global, regional & industrial agendas responsibly
🌍 BRICS
Intergovernmental Cooperation2006; first summit 2009
First Summit2009, Yekaterinburg (Russia)
Full Members (as of 2026)11 (11th: Indonesia, joined Jan 2025)
South AfricaInvited December 2010; first BRICS summit participation at Sanya, 2011
17th BRICS Summit6–7 July 2025, Rio de Janeiro (Brazil)
- Five new members added on 1st January 2024: Saudi Arabia, Egypt, Ethiopia, UAE, Iran.
- The word 'BRIC' was first used in 2001 by Jim O'Neill of Goldman Sachs.
⚡ QUICK RECALL
BRICS timeline: 2001 term; intergovernmental cooperation 2006; first summit 2009; South Africa invited December 2010 and first summit 2011; five new members 2024; Indonesia 2025 (11 full members).
🌍 G-20
Established1999 (Berlin)
Members19 countries + European Union + African Union
NatureInformal forum of major advanced/emerging economies for international economic cooperation; not a treaty-based organisation
🌍 G-7
EstablishedG6 in 1975; G7 after Canada joined in 1976
Members7 — USA, France, Britain, Italy, Germany, Canada, Japan
- Russia joined in 1997 (forming G-8) but was removed in 2014.
🌍 European Union (EU)
Established1957 (as European Economic Community)
Became EU1993
Members27; United Kingdom left on 31 January 2020
HeadquartersBrussels (Belgium)
Common CurrencyEuro
Eurozone Countries21 (Bulgaria joined on 1 January 2026)
⚠ EXAM TRAP
As of 2026: EU = 27 member states; euro area = 21 countries, including Bulgaria from 1 January 2026.
🛢 OPEC
Full Form: Organisation of Petroleum Exporting Countries
Established1960 (Baghdad)
HeadquartersVienna (Austria)
ObjectiveCoordinate petroleum policies among member countries
- Angola withdrew from OPEC on 1st January, 2024.
📊 UNCTAD
Originally United Nations Conference on Trade and Development; now branded UN Trade and Development (UNCTAD)
Established1964
HeadquartersGeneva
Members195
📋 Master Quick-Revision Table
| Institution | Established | Headquarters | Key Facts / Members |
|---|---|---|---|
| IMF | 1944 | Washington D.C. | 191 members | SDR = Paper Gold | 5 currencies |
| World Bank | 1944 | Washington D.C. | 189 members | Long-term loans | 5 group institutions |
| WTO | 1 Jan 1995 | Geneva | 166 members | Replaced GATT (1948) |
| ADB | 19 Dec 1966 | Manila (Philippines) | 69 members | India founding country |
| WEF | Jan 1971 | Geneva | Annual meeting: Davos | Founder: Klaus Schwab |
| BRICS | Cooperation 2006; first summit 2009 | — | 11 members (Indonesia 11th, 2025) | NDB HQ: Shanghai |
| NDB (BRICS Bank) | Agreement 2014; legal entity 2015 | Shanghai (China) | Infra development in emerging countries |
| ASEAN | 8 August 1967 | Jakarta (Indonesia) | 11 members; Timor-Leste became 11th on 26 October 2025 |
| SAARC | 8 Dec 1985 | Kathmandu (Nepal) | 8 members | South Asian cooperation |
| BIMSTEC | 1997 | — | 7 members | Bay of Bengal initiative |
| UNCTAD | 1964 | Geneva | 195 members | Trade & development |
| G-20 | 1999 | — | 19 countries + EU + African Union |
| G-7 | G6 in 1975; G7 with Canada in 1976 | — | 7 members | Russia removed 2014 |
| EU | 1957 / 1993 | Brussels (Belgium) | 27 EU members; 21 euro-area countries as of 2026 (Bulgaria joined January 2026) |
| AIIB | 2015 | Beijing | 111 approved members (as of 2026) | Operations began 2016 |
| APEC | 1989 | Singapore | 21 member economies |
| OPEC | 1960 | Vienna (Austria) | Angola withdrew Jan 2024 |
| NAFTA | Signed 17 December 1992; effective 1 January 1994 | — | USA, Canada, Mexico; replaced by USMCA on 1 July 2020 |
⚡ QUICK RECALL
Geneva hosts 3 major bodies: WTO, WEF & UNCTAD — a favourite HQ-matching trap in prelims.